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Mega Brands reports Q2 net earnings of $4 million, sales up four per cent

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(Globalpost/GlobalPost)

MONTREAL - Mega Brands Inc. (TSX:MB) recorded $4 million in net earnings in the second quarter, or 18 cents per basic share and 10 cents per diluted share.

That compared with $1.6 million of net earnings in the same quarter last year, when Mega Brands had 10 cents per basic share of earnings but a loss of 12 cents per share on a diluted basis.

The Montreal-based toy company, maker of the Mega Bloks building toys, reported its consolidated net sales in the quarter grew four per cent to $98.1 million compared to $94.5 million a year earlier.

Mega Brands says sales in its toys segment increased four per cent and sales for its stationery and activities segment were up three per cent, representing a ninth consecutive quarter of year-over-year growth.

On a geographical basis, Mega Brands says North American sales were five per cent higher and international sales were level. The company's business is seasonal and usually sees a higher level of activity and profitability during the last two quarters of the year compared to the first two quarters.

Mega Brands sells a variety of construction toys, games and puzzles, arts and crafts and stationery.

Note to readers: This is a corrected story. An earlier version stated the 2012 per-share information incorrectly.

http://www.globalpost.com/dispatch/news/the-canadian-press/130801/mega-brands-reports-q2-net-earnings-4-million-or-10-cents-sh